Verbal to written offer

Recently received a verbal offer from a bank and I accepted but haven't received it in writing yet. They're doing a background check now. Is it normal for them to wait for the results of the check before issuing a written offer?

WSO Elite Modeling Package

  • 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF
  • Elite instructors from top BB investment banks and private equity megafunds
  • Includes Company DB + Video Library Access (1 year)

Comments (4)

Apr 5, 2021 - 11:19am

Speaking from experience, assume you do not have an offer until you a copy of a written offer.

Array
  • 1
Apr 8, 2021 - 5:20pm

JBanksohn

Speaking from experience, assume you do not have an offer until you a copy of a written offer.

This is so true. 

I was searching for 7 years for the perfect job. After many interviews for this position over years, I found the perfect role and received a verbal offer after a round of two interviews. It was in IB M&A in a small group. 

After the verbal offer, I was elated. The salary and bonus structure were mind boggling and the hours were supposed to be light as well. It seemed like I had found the perfect fit and then sat back and relaxed to receive the written offer. 

A week went by and I started to worry. Then I received a call from the MD. He said that he made a decision to hire me, but was overruled by someone at the bank. It turns out that this girl in asset management was 'promised' an M&A position when it opened up by upper management. So she got the job I was interviewing and the verbal offer went to shit. The MD was embarrassed and apologetic. 

In retrospect, I should have been more on the MD's ass to get that shit in writing. If it was in writing, that other girl would have been blocked from the position. 

ABC: Always be closing

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

Start Discussion

Total Avg Compensation

June 2021 Investment Banking

  • Director/MD (9) $911
  • Vice President (35) $364
  • Associates (204) $233
  • 2nd Year Analyst (115) $151
  • Intern/Summer Associate (97) $145
  • 3rd+ Year Analyst (27) $145
  • 1st Year Analyst (421) $131
  • Intern/Summer Analyst (340) $82